In This Article:
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Revenue: $8.2 million in Q1 2025, a 6.7% decrease from $8.8 million in Q1 2024 on a GAAP basis.
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Revenue per Available Stall (RevPAS): $184 per stall, excluding Detroit, compared to $183 per stall in the prior year.
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Net Operating Income (NOI): $4.5 million, down 17% from last year's first quarter.
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Adjusted EBITDA: $2.7 million, down 21% from $3.5 million in the prior year.
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Adjusted EBITDA Margin: 33.4%.
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Property Operating Expenses: Increased to $1.9 million from $1.5 million in the prior year's first quarter.
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General and Administrative Expenses: $1.3 million, slightly up from $1.2 million in the prior year.
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Cash and Restricted Cash: $16 million at the end of Q1 2025.
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Total Debt Outstanding: $214 million at the end of Q1 2025.
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2025 Revenue Guidance: $37 million to $40 million.
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2025 NOI Guidance: $23.5 million to $25 million, representing a 7% year-on-year growth at the midpoint.
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2025 Adjusted EBITDA Guidance: $16.5 million to $18 million.
Release Date: May 13, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Mobile Infrastructure Corp (BEEP) secured over 250 net new monthly contracts, indicating strong business development efforts.
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The company is on track with its strategic pillars, including converting core portfolio assets to management agreements and optimizing its portfolio.
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Management contracts now cover 29 of 40 garages, allowing for full rate autonomy and better data-driven decision-making.
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The company is exploring complementary revenue streams, such as electric vehicle charging and autonomous vehicle fleet hubs, to enhance asset value.
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Mobile Infrastructure Corp (BEEP) maintained its 2025 guidance for revenue and net operating income, reflecting confidence in its annual plan.
Negative Points
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Seasonal headwinds and harsh weather conditions muted top-line growth in the first quarter.
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Revenue decreased by 6.7% on a GAAP basis compared to the first quarter of 2024.
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Net operating income was down 17% from the previous year's first quarter.
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The Renaissance Center in Detroit is expected to be a drag on the overall portfolio due to current redevelopment challenges.
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Property operating expenses increased due to the shift to management contracts and related accounting treatments.
Q & A Highlights
Q: Could the convention center remodel in Cincinnati and other construction projects have longer-term impacts on the company's performance? A: Manuel Chavez, CEO: The convention center redevelopment in Cincinnati is expected to be completed by December this year or January next year. Other construction-related street closures are also nearing completion, suggesting these factors should not have long-term impacts.